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Updated 11.50am
THE NATIONAL TREASURY Management Agency (NTMA) is to hold an auction of €500 million of Treasury Bills later this week.
The auction of the bills with three month maturity is the first of 2013 and is similar to the €500 million offer last November which was four times oversubscribed and saw Ireland’s cost of borrowing fall with a yield of 0.55 per cent.
The bills being auctioned this Thursday will reach their maturity on 22 April and the auction will be another test of Ireland’s ability to return to normal lending markets when it emerges from its bailout.
Subject to market conditions the auction of Thursday’s bills will be followed by two further monthly auctions in the first quarter of this year followed by further announcements on more auctions throughout the year, the NTMA said this morning.
The competitive auction will open at 9.30am this morning and will close at 10.30am. A non-competitive auction will immediately follow and this will close at 4pm on Thursday.
Ireland has been going to the markets on a number of occasions in recent months and the NTMA said last week that it was in talks about selling 10-year bonds to investors, a move which would indicate the likelihood or not of the country of returning to normal lending markets.
The sale of 10-year bonds is considered a key measure of investor confidence in a country.
Borrowing rates for Ireland on these 10-year bonds were at just under 7 per cent when Ireland entered an EU-IMF bailout in November 2010.
Note: This story originally stated that the Treasury Bills auction is taking place today. In fact, the auction is taking place on Thursday.
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Put me down for a fiver.
@MVM
its a mindset like yours that is holding this country back.
Take your moans somewhere else and let the real Irish get on with rebuilding this country from the mess Fianna Fail left behind.
Everyone’s glad to take the money now but when it’s time to pay it back it’ll just be the usual “paying unsecured bondholders” blah, blah, blah.
The only reason we can get this money is because we did pay back other bondholders.
A good amount of the money we are getting is going on paying bond holders back. €17 billion last year & €17 billion this year as well…..
Did you ever ask yourself why we paid the bondholders Michael?
Also can you give me an example of any country apart from Ireland that had the debts of a public limited company put on the heads of a Soverign State
@MVM
Well that answer just makes my point for me really !
So I say again, step aside and we will get on with rebuilding the country.
You can partake in the benefits when we have achieved our joint aims. All we ask is a polite ‘thank you’
Reassuring that progress is continuing.
Brilliant news …
Que the moaners and the res thumbs from the people who arent happy with progress as its not depressing enough for their sad lives
Jay progress my arse, we have some hope so long as the troika is running the show, once the teachers (Fine Gael )get real power were all screwed
Explain how this isnt progress. Ir explain what is progress is
@shay,agree with you. all of fg should be out sweeping streets its all they are good for
A bond a day………….
Keeps the Holder in play….
Get rid of the Nations Debt. Tax the bondholders 99.99 cent on every Euro. That will nullify the Debt. When Jesus said pray and ask God to forgive us our Debts, he meant it. As Christians we must stand up against Injustice. As it is clearly unjust to expect poor people to pay the Debts of the Rich, it is only right that Christians should pray that the Debt be Forgiven; To Nullify the Debt, is to have the Debt forgiven. There are many Injustices in Ireland, and Christians must Stand up for the Truth, and help the poor, not sit back and allow them to pay the Debts of Banks. Most poor people find it difficult to even open a Bank Account.
How is praying going to help in standing up against the injustice, I mean in a practical way.
Patricia, your right , Christian or not , your still right, good on ya
have your say